The client advisory, “IRS Treatment Of 'Bad Boy' Guarantees Brings Uncertainty,” authored by Gregory M. McKenzie and John A. Garraty was featured in The Real Estate Roundtable’s weekly newsletter, Roundtable Weekly. The article discusses the IRS’s legal memorandum that reversed their earlier opinion on “bad boy” loan guarantees, which threatened to alter the tax treatment of billions of dollars in outstanding commercial mortgage-backed securities and commercial real estate loans. The article states that the Kelley Drye client advisory summarizes this issue and concludes that, “Although withdrawal of the original Memorandum had been anticipated by the real estate industry, issuance of the New Memorandum removes a cloud over the tax treatment of carve-out guarantees.”